Including: PHILIPPINES - JPMorgan wins Philippines mandate; ASIA-PACIFIC - IFSA signs Korean deal
Citigroup has lost custody of around $600m in overseas assets after the Philippines' Government Service Insurance System (GSIS) dropped the bank as custodian of its global investment programme (GIP)
It is understood the mandate was handed to JPMorgan on Monday (March 2).
The GSIS is mandated to run the pension fund for Philippine's government employees.
ASIA-PACIFIC - IFSA signs Korean deal
The Investment and Financial Services Association (IFSA) of Australia has signed a deal with the Korea Financial Investment Association (KOFIA) in a bid to work more closely together.
IFSA also welcomed the signing of the ASEAN-Australia-New Zealand Free Trade Area (AANZFTA) Agreement, which saw the ten ASEAN members - Brunei Darussalam, Burma, Cambodia, Indonesia, Laos, Malaysia, the Philippines, Singapore, Thailand, and Vietnam - alongside Australia and New Zealand agree to open up their economies to free trade.
IFSA chief executive Richard Gilbert said: "We particularly welcome the focus on increasing regulatory transparency and improved due process in financial services such as asset management, pension fund management, custodial, depository and trust services."
Sir Philip Green's restructuring proposals for his retail giant Arcadia will not "adequately protect" its pension schemes' members, The Pensions Regulator (TPR) has said.
The Marks and Spencer Pension Scheme has completed buy-in deals worth £1.4bn with two insurers, mirroring similar transactions last year.
There have now been a total of 47 buy-in and buyout deals of over £500m announced since 2007. The full list, provided courtesy of LCP, is as follows...